The odd rise of the €500 notes during the property boom -generating cash
Monday, November 21, 2011 @ 12:42 PM
Property Stories in Spain
The story of the €500 notes: €500 notes are currently very difficult to find in Spain, but during the property bubble they proliferated in the property business. The media highlighted this abundance of €500 notes in the property business, calling such unregistered, tax-free payments “black money.”
According to a May 2nd 2007 article in the newspaper Avui, a full 25% of all €500 notes printed in the EU were circulating in Spain in 2005 (nearly 100 million notes). It wasn’t until April 2006 that Spanish authorities started taking measures ... Read the full article